November 7th, 2017 Mortgage Industry Update

The Bank of Canada announced on October 25th that it’s overnight lending rate will remain at 1.00%. The prime rate remains the same. It is common prediction for rates to rise another 2 times by the end of 2018. Most fixed rates have risen significantly and are now in the 3%+ range.

Additionally this week:
– TREB: Sales up 12% from September to October. However, down 27% from 2016. Average selling price was $780,104, up 2.3% from October 2016. Detached house prices down 2.5% in October compared to 2016 across region; 4% decline in 905 region, 1.1% in Toronto. Condos up 22%.

– Conference Board of Canada: Non-unionized Canadian employees will see only a 2.4% increase in salaries in 2018. Growth was 2.2% in 2017.